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bidding war for property, is agent playing games?
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# 1
poolprouk
Old 27-02-2007, 2:07 PM
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Default bidding war for property, is agent playing games?

Just got off the phone with (EA) Estate agent regarding property I have bid for (there are other interested parties).

The convo went like this

EA - “Oh hello Mr x, I just wanted to phone to confirm that the best and final offer you made was Y+V (Y= my offer; V = extra amount (in this case quite small)”

Me – “Er no, I bid Y”

EA – “oh erm, ………….your going to need to bid Y+V to get it but we haven’t had this conversation if anyone asks”

Me – “hmm, well ok then Y+V”

EA – “ok then Y+V, when will you be able to come and see Miss Z (the independent mortgage advisor at the branch who I spoke with on Saturday), this afternoon or tomorrow”

Me – “tomorrow evening”

EA – “oh, she’s not here tomorrow, are you sure you can’t come today?”

Me – “Afraid not, with due respect it’s not certain that I’ll be using the branch’s independent mortgage advisor anyway as I reserve the right to choose”.

EA- “ok then we’ll get back to you later this afternoon”.

End of convo.

Now I am worried that I am being played for a fool, used or a pawn trying to earn EA more cash.

I am a FTB with no chain so am wondering if what they want me to bid is the same as another bidder who has a chain (i.e. I am the preferred bidder).

Or did they give me inside info because they want me to win as they think I will use the in house ‘independent mortgage advisor” whose company owns the estate agents!

Anyone had an experience like this?

poolprouk
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# 2
fivepound
Old 27-02-2007, 2:17 PM
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Just bid what you are happy to pay for the property, it's your money and your choice. If you are happy to pay Y+V then great, I hope you get it..As for the advisor, shop around and read the guides on this website before you make a choice.

http://www.moneysavingexpert.com/cgi...01649966,86816,
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# 3
Hillfly
Old 27-02-2007, 2:18 PM
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If it gets you the house you want why not use their financial advisor - just make sure you know the mortgage market, do your research and tell them what you want!

To be honest the estate agent has probbaly been told by the vendor they will take x price for a defintie sale and so the agent may have not even have put your first offer forward and is playing a game. If you do go through with it then you could ask the vendor to see if they ever received you first offer. If not then you can address this with the agent as i'm sure it's not legal - or at least the code of practice.

Could be a friendly helpful agent or could be a big bad wolf. You'll have to play the game further to find out!
Fortune's always hiding, I've looked everywhere......
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# 4
Gone2mars
Old 27-02-2007, 2:38 PM
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Just make sure you get an independant morgage advisor, and not one that will only try and sell you a certain brand of morgage (i.e. a halifax estate agent's FA will only look at halifax morgages)

If your in the birmingham area i can recommend you a superb FA that i've been using for my purchase.

As for the bidding war, i'd cut out the middle man and organise another viewing for tomorrow... talk to the vendor directly and ask if they would consider your offer.

But like all the other people say, only pay what your happy paying anyway.
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# 5
poolprouk
Old 27-02-2007, 7:35 PM
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Default well i lost.....

Well unsurprisingly I didn't get the property.

I rang at 5:15 to find out what was going on to be put off that the assistant manager of the agency was on another call and would call back ASAP.

I left work for home and was in a bad reception area when he called (an hour later) and so it went to voicemail.

he says that "after the best and final offer bids were recieved and put to the vendor, one of the bidders who had not raised their bid at that stage then called with a new bid which was accepted".

I am feeling somewhat screwed over here. I honestly believe the agent rang me today to coerce me into upping my bid in the thought that i would get the property only to then go back to another party and do the same thing.

The guy who rang with the bad news kind of left it open and invited me to call him in the morning to discuss what has gone on (and invite another bid i bet!).

As for financial advice I have already done some searching and spoken with L&C as well so I have an idea of what i want which is good. Martin's guide is excellent.


Oh well. I'm not going to raise my offer.

you live and learn.
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# 6
MJMum
Old 27-02-2007, 7:57 PM
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----------
Don't see the point anymore in offering advice to people who only want to be agreed with...

Last edited by MJMum; 07-05-2007 at 6:44 PM.
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# 7
pingu79
Old 28-02-2007, 12:28 AM
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I would try not to use the mortgage advisor attached to an agent in the area that you are looking. We went to see one (who was very good), but later found a house with the attached EA. I'm sure they aren't supposed to disclose your financial info to the EA but i wouldn't be 100% certain that they don't. During part of the purchasing process the EA got info off the advisor, which we felt they should of asked for via us and probably would of done had it not been their advisor.

As for the bidding war, when they have more than one interested party they will happily pit you against each other to get more as its in their best interests. We had this on our last offer, decided not to play the game and walked away. While speaking to the mortgage co today they said that recently they have seen some gazumping cases and they hadn't seen that for a while.
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# 8
lynzpower
Old 28-02-2007, 6:04 AM
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best & final offers ( ie sealed bids) should always be in writing.
Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast
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